I wanted to try paying for Mullvad VPN using a private method (Monero). I created a wallet and went to an exchange (Kraken) to buy some XMR, but they want me to enter all my personal details upon registration. How does this make sense? Is there an exchange where I don't have to provide personally identifying information?
Does entering personal details in cryptocurrency exchange compromise privacy?
17 Comments
slazer2au@lemmy.world · 56 pts · 1y
They are bound by anti money laundering laws (AML) and are required to Know Your Customers (KYC).
https://support.kraken.com/hc/en-us/articles/know-your-customer-kyc-questionnaire
Yes it does compromise privacy because now when the exchange is asked who owns this wallet they have to hand your details to law enforcement.
Exchanges without KYC are getting rarer.
EngineerGaming@feddit.nl · 10 pts · 1y
AutomaticUpdates@monero.town · 19 pts · 1y
There are ways to get Monero without compromising your identity. I suggest looking or asking here: https://monero.town/c/monero
Death_Equity@lemmy.world · 12 pts · 1y
In America, you "have to" due to government regulation(IRS wants their cut of the tendies).
Dark_Arc@social.packetloss.gg · 17 pts · 1y
Even more so, FBI wants to know where the money grandma gave to get her pictures back from the ransomware went.
All this money tracking stuff AFAIK was originally more about organized crime than tax revenue.
delirious_owl@discuss.online · 0 pts · 1y
Not all of America has these laws.
MigratingtoLemmy@lemmy.world · 12 pts · 1y
I mean, what do you expect?
Use P2P instead
jbd@lemmy.ml · 7 pts · 1y
I'm just learning about all this. Looks like P2P is what I want. Thanks
shortwavesurfer@lemmy.zip · 6 pts · 1y
Offer a product/service on XMRBazaar, join the Get Your First XMR matrix room and then once you have at least 0.11XMR you can use Haveno
LobsterScuttle@lemmy.world · 2 pts · 1y
Pardon my lack of knowledge, what is P2P? Is it mining monero?
MigratingtoLemmy@lemmy.world · 3 pts · 1y
Instead of having a central server, consumers interact with each other directly. That's P2P Vs centralization.
delirious_owl@discuss.online · 12 pts · 1y
The exchange will see that you bought Monero. They won't see how you spent it
cyclohexane@lemmy.ml · 10 pts · 1y
Unless you pay from the exchange's wallet
strawberry@kbin.earth · 6 pts · 1y
bisq or I think local Montero are no kyc. just send some dude some money through like PayPal and they'll send you the monero
EngineerGaming@feddit.nl · 4 pts · 1y
strawberry@kbin.earth · 1 pts · 1y
whattt what happened?
EngineerGaming@feddit.nl · 1 pts · 1y
sploodged@lemmy.dbzer0.com · 4 pts · 1y
here's an i2p magnet link to the irs chain analysis talk from last year:
magnet:?xt=urn:btih:d371d4e4cb9a3760ef79e94fde0b8edf22062e49&tr=http://tracker2.postman.i2p/announce.php&dn=chainalysis-monero-presentation-to-irs-august-2023.av1.webm
gives some insight into how they do it with their analysis tool. i'll let you draw your own conclusions based on your own risk profile, but if you're a target and they have enough confidence with the tool, they could grow a profile and subpoena the target exchange for kyc.
BillyBob1337@lemmy.ml · 3 pts · 1y
https://kycnot.me
monk@lemmy.unboiled.info · 1 pts · 1y
No, it makes no sense. Keep looking. Worst case, buy some locally for cash.